Section OA 16 — Income Tax Act 2007: When FDP account ends on resident’s restricted amalgamation

OA 16 When FDP account ends on resident’s restricted amalgamation When this section applies (1) This section applies on a resident’s restricted amalgamation referred to in section OA 14 if— (a) a consolidated group ends its existence on amalgamation; and (b) at the time of amalgamation, the consolidated group maintains an FDP account; and (c) the amalgamated company does not maintain an FDP account. Credits and debits due (2) A credit or a debit due to the group but not recorded before the date of amalgamation is recorded in the imputation credit account of the amalgamated company, as appropriate,— (a) under section OB 24 (ICA credit on resident’s restricted amalgamation) as described in table O1: imputation credits, row 22 (credit on resident’s restricted amalgamation); or (b) under section OB 53 (ICA debit on resident’s restricted amalgamation) as described in table O2: imputation debits, row 26 (debit on resident’s restricted amalgamation). Defined in this Act: amalgamated company , consolidated group , FDP account , imputation credit account ,